Morgan Stanley To Launch AI Chatbot To Woo Wealthy 6
Morgan Stanley is rolling out a generative AI chatbot this month to help bankers quickly find research or forms without needing to sift through hundreds of thousands of documents. According to Reuters, it's being developed with OpenAI. From the report: The bank is also developing technology which eventually, with clients' permission, could create a meeting summary of the conversation, draft a follow-up email suggesting next steps, update the bank's sales database, schedule a follow-up appointment, and learn how to help advisers manage clients' finances on areas such as taxes, retirement savings and inheritances. The details of the program have not yet been reported.
While the bot will give insights and administrative support to financial advisers, investment advice will remain the purview of humans. "The adviser is still at the center," said [Sal Cucchiara, Morgan Stanley's chief information officer of wealth and investment management, who is among the executives driving the bank's push into AI]. For now, employees view the technology as a helpful tool and aren't worried that they'll be replaced by bots, he said. The AI initiative is part of Morgan Stanley's strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion.
While the bot will give insights and administrative support to financial advisers, investment advice will remain the purview of humans. "The adviser is still at the center," said [Sal Cucchiara, Morgan Stanley's chief information officer of wealth and investment management, who is among the executives driving the bank's push into AI]. For now, employees view the technology as a helpful tool and aren't worried that they'll be replaced by bots, he said. The AI initiative is part of Morgan Stanley's strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion.
Because rich people WANT to talk to robots? (Score:2)
Right? Isn't that Morgan Stanley's rationale? "Private banking" performed by AI, with a track record of false information. What could go wrong for the bank?
Can AI help me design a perfect hedge? (Score:2)
How many shares of TLT do I need to hedge option spread shorts on TLT?
Search engine maybe (Score:2)
Why not just a search engine?
Re: (Score:2)
Conventional search engines have peaked, and, for example, Google is just crap these days. A better search engine is somewhat realistic using LLMs, so lets hope that works. Obviously the thing about "follow up emails" only applies to very simplistic standardized interactions, as does the summarization of past interactions. Given that wealthy people are generally not that smart, some may fall for this. Some will just leave and take their money to a place where they are still taken seriously. Given that loss
The wealthy? (Score:2)
They don't do computers.
Perhaps their accountant would.